DOGE Price Prediction: Can Dogecoin Rally to $2.74 After Holding Support?

Dogecoin (DOGE) has experienced a slight downturn, falling approximately 4.5% this week and trading just below $0.20. While price action has been relatively stagnant recently, analyst Ali Martinez offers an updated Dogecoin price forecast.

Martinez's analysis highlights Dogecoin's adherence to a long-term upward-sloping channel. The price has repeatedly bounced off the lower boundary of this channel, reaching the upper boundary during periods of strong bullish momentum. As of March 8, 2025, DOGE is trading at $0.19384, down nearly 19% from recent highs. However, a recent touch of the lower boundary at approximately $0.17 suggests a potential upward bounce, a key support level that could fuel a rally.

The chart identifies key support and resistance levels. The $0.17 mark serves as crucial support. A failure to hold this level could lead to a drop to the next significant support, around $0.06-$0.07, aligning with the 0.618 Fibonacci retracement level. Conversely, maintaining support at $0.17 could trigger a rebound towards $2.74, according to Martinez.

Potential DOGE Price Targets Based on Fibonacci Levels

Resistance levels are anticipated in the mid-channel region between $0.40 and $0.57. Martinez's more ambitious target of $2.74 corresponds to the Fibonacci 1.272 extension level. Further bullish Fibonacci targets, at $4.24 (1.414 extension) and $20.32 (1.618 extension), represent significantly higher potential growth, though less likely.

In essence, Dogecoin is at a pivotal point. Maintaining support at $0.17 could initially lead to a rally towards $0.40-$0.57, potentially extending to $2.74 during a full bull run. Conversely, breaking below $0.17 might trigger a deeper correction to the $0.06-$0.07 range.

The long-term uptrend remains intact as long as the lower channel boundary holds. The coming weeks will be crucial in determining which scenario unfolds.

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